Citic Bank sets price range for $5.7 billion dual listing

Japan's Mizuho signs on as one of four cornerstone investors. Valuation reflects the lack of size as a marketing argument.

Beijing-based China Citic Bank has signed up four cornerstone investors for the Hong Kong portion of its dual H- and A-share listing and has set a price range that could see it raise a combined $5.7 billion, with the H-share tranche alone targeting as much as HK$30.1 billion $3.9 billion, sources say.

While no doubt important as a confidence builder, the four cornerstones will together take up only about $200 million, or less than 7% of the offering...